Bitget Token (BGB) Surges 30% After Merger Announcement
Centralized cryptocurrency exchange Bitget will merge its two tokens Bitget Token (BGB) and Bitget wallet Token (BWB). The company announced the merger on December 26.
This move creates a single token for Bitget Exchange and Bitget Wallet.
Bitget Token Continues To Hit All-Time Highs
according to announcementthe new BGB token will provide support for functions such as Fair Launchpool and Gas fee payment. Bitget also plans to integrate the token into public blockchains Decentralized Finance ecosystem. Their goal is to make BGB a core asset for lending and staking.
Push this message Bitget Token (BGB) An all-time high of $7.79. The token’s market capitalization now exceeds $10.3 billion. BGB rose 30% today Increased by more than 350% in December Alone.
This is in stark contrast to the broader cryptocurrency market. experienced significant reckoning. For comparison, BNB, the largest exchange-based tokenan increase of only 13% this month. Although Bitcoin reached the $100,000 milestone in early December, its price also fell below $95,000.
“BGB has had an incredible year, growing its market cap by over 750%, making it the best-performing CEX token in 2024. By merging BGB and BWB, we are moving towards building a unified, powerful ecosystem The system takes an important step forward, Bitget CEO Gracy Chen told BeInCrypto.
At the same time, the merger will not change the total supply of BGB. The combined exchange rate is 11.68 BWB to 1 BGB. Bitget will stop BWB related services on December 27.
Overall, Bitget is seeing huge growth in 2024. According to data from CoinGecko datait is now the fifth largest centralized exchange by daily trading volume.
After last year’s success, Bitget plans to enter several new markets in 2025. As BeinCrypto reported earlier, the exchange is considering establishing its EU Center in Lithuania.
This will help it comply with Mika regulations and seek more effective expansion in the European market. Bitget is also working to obtain regulatory approvals in 15 countries. It has obtained licenses in several EU countries.
Most notably, Bitget may enter the US market If the upcoming Trump administration passes pro-cryptocurrency reforms. Licensing issues have previously prevented Bitget from expanding into the largest cryptocurrency market.
However, regulatory challenges remain, especially in Japan. Early November, Japan Financial Services Agency issues warning to Bitget and other communications, e.g. KuCoin Bybit operates without proper registration.
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